Nigeria's startup Baxi acquired by MFS Africa

Thursday 21 October 2021 14:18 CET | News

Nigerian fintech startup Baxi has been acquired by the pan-African payments company MFS Africa to enable the latter’s expansion into Nigeria.

Founded in 2014, Baxi provides a cash-in/cash-out offering as well as value-added services – account opening, money transfer, bill payment and more, through its network of more than 90,000 agents.

MFS Africa, which acquired East African payments management startup Beyonic in 2020, plans to build Baxi into a key node on its digital payment network, allowing customers to make regional and global payments to and from Nigeria. 

The deal, which is subject to approval from the Central Bank of Nigeria, sees MFS Africa expand into Nigeria for the first time, having had a limited presence thus far due to the country’s small number of mobile wallets. MFS Africa will also expand Baxi’s proposition for offline SMEs to select markets within MFS Africa’s footprint of 320 million mobile wallets across more than 35 African countries.

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Keywords: digital payments, money transfer, cross-border payments, digital wallet, acquisition
Categories: Payments & Commerce | Online Payments
Countries: Nigeria
This article is part of category

Payments & Commerce